SinterCast postpones Annual Report and AGM
- Publication of Annual Report postponed from 2 April to 19 May 2020
- Annual General Meeting (AGM) postponed from 19 May to 23 June 2020
- AGM Notice to be published on 20 May 2020
- Dividend proposal under review
[Stockholm, 30 March 2020] – Series production during January and February remained strong and stable, providing 5.4% year-on-year growth. Sampling Cup shipments were also up during the first two months of the year, 8% ahead of the full-year 2019 pace. However, during the second-half of March, the development of the COVID-19 corona virus resulted in shutdowns at several of our foundry customers and automotive end-users. The duration of these shutdowns, and the uncertainty of the ramp-up when production resumes, has made the economic outlook difficult to assess.
As a result of the current uncertainty, the Board has decided to postpone the publication of the Annual Report and the convening of the AGM. The Annual Report will now be published on 19 May 2020. The AGM Notice will be published on 20 May 2020 and the AGM will be held at 15:00 on Tuesday 23 June 2020. It remains the Board’s intention to convene a physical meeting at the premises of IVA, Grev Turegatan 16, Stockholm.
SinterCast has a strong cash position, with SEK 39.3 million in liquidity on 29 February (SEK 32.9 million on 31 December 2019) and no loans. The Board judges that the postponements will improve the economic visibility, enabling the Board to take an informed approach to the dividend proposal. Further guidance on the dividend proposal will be published on 15 May.
Since 2011, SinterCast has distributed SEK 154.7 million to its shareholders, exceeding the free cashflow of SEK 148.3 million generated during the period. The postponement of the Annual Report and the AGM does not signal a change in the company’s dividend policy or in the Board’s longstanding pro-active approach to dividends.
For and on behalf of the Board of Directors:
Dr. Steve Dawson
President & CEO
SinterCast AB (publ)
This press release contains information SinterCast AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the President & CEO Dr. Steve Dawson, at 11:45 CET on 30 March 2020.
SinterCast is the world’s leading supplier of process control technology for the reliable high volume production of Compacted Graphite Iron (CGI). With at least 75% higher tensile strength, 45% higher stiffness and approximately double the fatigue strength of conventional grey cast iron and aluminium, CGI allows engine designers to improve performance, fuel economy and durability while reducing engine size, weight, noise and emissions. The SinterCast technology is used for the production of petrol and diesel engine cylinder blocks and exhaust components for passenger vehicles, medium-duty and heavy-duty cylinder blocks and heads for commercial vehicles, and industrial power engine components for agriculture, marine, rail, off-road and stationary engine applications. SinterCast supports the series production of components ranging from 2.7 kg to 9 tonnes, all using the same proven process control technology. As a specialist supplier of precision measurement and process control solutions to the metals industry, SinterCast also supplies the SinterCast Ladle Tracker® and SinterCast Cast Tracker® technologies, to improve process control, productivity and traceability in a variety of applications. With 57 installations in 14 countries, SinterCast is a publicly traded company, quoted on the Small Cap segment of the Nasdaq Stockholm stock exchange (SINT). For more information: www.sintercast.com